Via Detlev Schlichter: Deceits and delusions – Some thoughts on the euro-crisis and democracy

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Anybody with any knowledge of economics should feel uneasy at the sight of a country where half of recorded economic activity is conducted by the state. Are such semi-socialist societies operable, and if so, for how long?

We can escape this mess towards sustainable prosperity, but that escape will require substantial reforms towards sound institutions of social cooperation: honest money, strong property rights, freedom to contract, an end to trade barriers and lower, simpler taxes.